In a keynote speech on Friday, Mr Bowen outlined Labor's policy to engage more deeply with Asia, including ensuring students learn an Asian language, encouraging more Asians on boards and greater dialogue with Asia-Pacific finance ministers.

But most contentiously Mr Bowen opened the door to exploring ways how China's Belt and Road Initiative can complement the Northern Australian Infrastructure Fund.

Australian Strategic Policy Institute executive director Peter Jennings was scathing of Mr Bowen's speech, saying it was focused too much on economic gains from engaging with Asia but incomprehensibly ignored the region's growing strategic uncertainty.

"I think in some ways it's a remarkably naive speech," he said.

"There is no mention of North Korea, no mention of nuclear weapons, no mention of missiles, no mention of the South China Sea. To me this is a disappointing policy."

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Mr Jennings said while there may be economic merit in engaging with the Belt and Road Initiative, "China is not doing it for the health of the Asia-Pacific".

"I don't think it's in our national interest to adopt this Beijing slogan which is really all about how China seeks to promote its strategic interests around the world," he said.

But Professor Peter Drysdale, widely regarded as one of the doyens of Australia's Asia policy, said it was appropriate to engage with China on the Belt and Road Initiative to help shape it along with Japan and the Europeans.

"It's not only the sensible thing to do, it's the appropriate diplomatic response to our major economic partner," he said.

"This is an opportunity to engage with China on getting this thing, if not right, then better than it would have been."

The Business Council would not be drawn on Mr Bowen's call on the Belt and Road Initiative but welcomed Labor's recognition securing Australia's prosperity would rely on deepening ties to the region.

"A commitment to open investment and trade is welcome but it must also be accompanied by recognition that one of the best ways to attract the investment we need will be through an internationally competitive tax system."